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Increase is Annual Health Premium without notice or approval

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09 Jun, 2021 by  Mahaboob Basha Vastaad

Dear Beshak,

I have 15L Health Cover in Manipal Cigna Pro Health Policy

They are hiking premium without my approval or knowledge what options do I have to protect my interest.

30.06.2019 - Annual premium - 25,500/-

13.06.2020 - Annual premium - 26724/-

09.06.2021 - Annual premium - 28,950/-

Please advise.

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Health Insurance

1 Answer

09 Jun, 2021
Self Employed - Digital Consultant

Manipal Cigna must be sending you a renewal notice every year 45 to 60 days before renewal date. That's the only intimation your Insurer is required to send you if there is no revision in the product filed with IRDAI (annual premium increase is part of the filed product for Cigna). However, every time an Insurer does changes to the filed product they are allowed to do so every 3 years based on claims experience, changing market needs, medical inflation, etc), they shall send you an intimation about product changes 90 days ahead of renewal.

If you are not happy with increasing premiums in your current Cigna product, you have the following possibilities -

1) Manipal Cigna has a Protect version of their Pro Health policy. This is less expensive than other variants. You can shift to this variant to save some cost.

2) There is another low cost variant of Cigna called Accumulate. Check this as well.

3) As a last resort, you can contemplate moving to an Insurer like Care (erstwhile Religare) that charges premiums based on age band. In this case premium changes only after 5 years. There are other many other Insurers which do the same. Check them out on an aggregator website like Policybazaar.

Hope this helps to some extent.

Asad Akbar

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